The volume of online payments with cards is increasing in Azerbaijan!


In the era of digital innovation, global financial management is undergoing significant transformation as non-cash payment systems are gaining prominence in the market. Strategically located between Europe and Asia, Azerbaijan is experiencing significant changes in payment preferences in 2022 and 2023. This article sheds light on Azerbaijan's transition to a more digital economy by exploring information about cash and cashless payments during this period.


In 2022, volume of card payments within Azerbaijan amounted to 59,027 million manat. Of these transactions, 32,068 million manat were made in cash, accounting for approximately 56.8% of the total amount. During this period, cashless payments amounted to 24,365 million manat, constituting 41.3% of the total. It's worth noting that a significant portion of these cashless payments were conducted through ATMs and POS terminals.


In 2022, the volume of cashless payments within the country via POS terminals amounted to 5,808 million manat, while e-commerce contributed 18,516 million manat to this figure. This represents a distribution of 23.9% (POS) and 76.1% (e-commerce) in terms of percentage.


Comparatively, in 2023, there are further improvements in card payments within Azerbaijan. The total value of domestic card transactions increased significantly, reaching 29,333 million manat in the months of April, May, June, and July, indicating substantial growth in the country's digital payment ecosystem.


In these same months of 2023, domestic cashless payments through POS terminals amounted to 3,206 million manat, while e-commerce transactions totaled 12,082 million manat. This translates to a distribution of 21% (POS) and 79% (e-commerce) in terms of percentage.


This statistics highlights the increasing adoption of cashless transactions among Azerbaijani consumers, with the majority of these non-cash payments being facilitated through POS terminals and e-commerce platforms, signifying the transition to digital payment methods.


It's worth mentioning that in comparison to April, May, June, and July of the previous year, there is an 81% increase in POS terminal payments and a 108% increase in e-commerce payments in 2023. 


Cashless transactions within Azerbaijan have grown significantly over the course of a year. The number of non-cash transactions increased from 141,167 million in 2022 to an impressive 308,309 million during the same months in 2023, with a direct impact on e-commerce. Domestic operations related to e-commerce increased from 80,882 million during the same period in 2022 to 173,349 million in 2023. The rapid adoption of digital payments in Azerbaijan contributes to the growth of e-commerce.


While cash payments still hold a significant share in Azerbaijan in 2022-2023, the continuous growth of non-cash operations indicates the increasing adoption of digital payment methods by businesses and individuals. The transition to cashless payments offers various advantages, including convenience, security, and enhanced transparency, while also reducing costs associated with managing and handling physical cash.


Looking ahead, Azerbaijan is rapidly transitioning to cashless payments. Technological advancements and improved infrastructure will further accelerate the acceptance of digital payment solutions. One of the key contributors to this shift is Epoint, a platform created for providing electronic commerce services. Anyone can register online within 3 minutes, sign contracts with ASAN İmza, offer products and services online, and accept payments online, regardless of their bank affiliation. Examining Epoint's financial metrics, it has processed more than 25 million manat in turnover, conducted over 383,000 transactions, and serves over 700 B2B clients.


*The data in this article has been taken from the central bank's website.


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